Plan brings the university one step closer to a successful emergence from CCAA proceedings
Sudbury ON, July 21, 2022 – Laurentian University reached a significant milestone in its restructuring today with the filing of its Plan of Arrangement with the Superior Court of Justice. The Plan represents the culmination of more than 18 months of collaboration in the CCAA proceeding by Laurentian and its creditors, union leaders and key stakeholders, and brings the university much closer to emergence from CCAA protection.
Laurentian will be seeking a court Order on July 28, 2022, authorizing it to call a meeting of creditors to be held on September 14, 2022, in order to vote on the Plan. Provided the Plan is approved by creditors at the meeting, a further court Order will be sought by Laurentian on October 5, 2022, which allows the Plan to be implemented following satisfaction of certain conditions. Once the Plan is implemented, Laurentian will have successfully emerged from its CCAA restructuring as a more financially sustainable university with a solid path for future success.
“We are pleased to confirm that the materials filed today provide Laurentian University with the opportunity to hit the reset button and emerge as a restructured university with a clear path for financial sustainability,” said Jeff Bangs, Chair of Laurentian University’s Board of Governors. “This is the result of 18 months of productive dialogue with our stakeholders, with the common goal of ensuring that Laurentian University continues to operate for years to come as a critical part of the fabric and economy of Northern Ontario.”
“We are grateful for the ongoing support of the Ministry of Colleges and Universities and for the active participation of all of our partners throughout the restructuring,” added Bangs. “This milestone sends a strong message to current and future students, to our dedicated staff and faculty, to anyone within the Laurentian community and to people throughout the North. We’re confident we will be able to emerge from the restructuring much stronger than before and look to the future with renewed optimism.”